Ohio workers comp rates to decrease 6.3% for third reduction since 2011

As a result of “better-than-expected claims numbers,” private employers in Ohio will see a 6.3% decrease in workers compensation base rates beginning July 1, the Ohio Bureau of Workers' Compensation said.

The rate decrease, approved on Thursday, follows a 4% workers comp rate decrease in 2011, no change in 2012, and a 2.1% rate decrease in 2013, the bureau said in a statement. The agency said those rate changes have saved Ohio private employers a total of $409 million since 2011.

“Our goal over the last four years has been to support economic growth by stabilizing premiums and lowering costs for Ohio employers,” bureau Administrator and CEO Steve Buehrer said in the statement. “We're pleased our strong financial position is supporting lower rates so businesses can prosper while protecting Ohio's workers so they can return home safely to their families each evening.”